Jordan Belfort, an investment broker known as Wall Street Wolf, urged investors to reject the initial excitement of Initial Coin offering, calling them the biggest scam.
"This affair will explode sooner or later, and it will hit the pocket of people who have believed in this scheme, much worse than what I did and why I went to jail," Belfort said.
The organizers of the "minting supply" carry out massive fraud of the highest order against everyone. Probably 85% of these people have no bad intentions, but if only 10% of them try to trick you, it's a disaster, "says the ex-broker.
All this is done without regulatory oversight, and many of Wall Street's investment banks and the world have expressed concern about the potential for money laundering and fraudulent activities.
Belfort likened the tactics of ICO organizers to the fashion of the so-called blind trusts from the 1970s and 1980s, when companies have been aggressively recruiting investors without specifying how money will be spent. Subsequently, many of these trusts were dissolved without having made any investment, but received their fees and commissions for the business.
"I do not say there is anything wrong with the idea of cryptocellulite or tulip bulbs." The point is then that people are ruined "
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.